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Breaking News: Mt. Gox Creditors’ Legal Victory: “Colossal Assets” pay back!

Simran Alphonso

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Breaking News: Mt. Gox Creditors' Legal Victory: "Colossal Assets" pay back!
Source: Pixabay

The Tokyo District Court has issued an order of the commencement of civil rehabilitation proceedings for Mt. Gox. As a result, the previously ongoing bankruptcy proceedings have been worked upon. Simultaneously with the order of the commencement of civil rehabilitation proceedings, an administration order was issued by the Tokyo District Court, today!

Mt. Gox Creditors blog account announced saying:

“Today, on June 22, 2018, the Tokyo District Court ordered commencement of civil rehabilitation proceedings regarding Mt. Gox.   Accordingly, enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings.  This is the creditors’ victory. “

Mt. Gox exchange was hacked for more than $473 million in 2014, and the theft remained the largest in the industry’s history until the Coincheck hack in January 2018. The robbery left Mt. Gox wiped out, and it was constrained into criminal bankruptcy in Japan, where it was headquartered.

After this, the court has approved the petition, and creditors will be refunded directly in cryptocurrency, though the exact specifics of their compensation will depend on the rehabilitation plan established during subsequent legal proceedings.

Creditors have to file proof of claim forms by October 22nd, 2018. This applies to all creditors, even those who previously filed claims during the criminal bankruptcy proceedings.

The next milestone for the creditors of Mt. Gox is the 11th meeting which will be held on 26th September 2018 in Tokyo.

Wallets with the Mt. Gox at present hold 137,891 BTC — worth more than $878 million at the time of composing. As well as the airdropped coins from forks, for example, BCH and BTG.

The trustees of Mt. Gox have stated that there are no plans to offer any more support or funds.





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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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